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Bitcoin rises moderately

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Key facts:
  • Bitcoin surpasses $20,700 after US rate hike.

  • In contrast, the dollar index fell nearly 0.7 percent this Tuesday, Nov. 2.

Finally, the U.S. Federal Reserve, the Fed, made public its decision to set a new interest rate hike. On this occasion, they raised rates by 0.75 percent in an effort to curb inflation, which continues to break records in the North American country.

As expected, the markets were very attentive to this announcement. Bitcoin reacted quickly to the increase, rising just over 1 percent and crossing the $20,700 mark. per unit, in data from CoinMarketCap.

Already in previous days, BTC had crossed that level without being able to break through it strongly or hold it. But it also failed to fall below the $20,000 mark, sparking investor optimism ahead of the Fed’s interest rate announcement.

Bitoin price on Nov. 2.
BTC jumped more than 1 percent within minutes of the Fed announcement. Source: CoinMarketCap.

Just before the advertisement by the Fed, posted on its website at 2 p.m. Eastern time, the price of BTC remained virtually unchanged from the opening of the day. Tuesday. At the time, the price was below $20,500.

Although the movement these minutes has been moderate, a report by Arcane Research that we reviewed yesterday on CryptoNews warned of the possibility that increased volatility in the market.

Price of bitcoin on November 2.
BTC was stuck at nearly 0% movement on the day just minutes before the announcement. Source: CoinMarketCap.

Falling dollar index and other market movements.

In contrast to the moderate momentum of bitcoin, the dollar index reacted negatively. So far this Tuesday it is down 0.69%. It is now at early October levels and recorded its worst day since Wednesday, Oct. 26.

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As for the traditional markets, there was no shortage of reaction from indexes such as the Dow Jones, positive 0.62 percent on the day, or the 0.33 percent rise of the S&P 500, in record highs of Invest.

The dollar index suffered on Tuesday, while bitcoin recorded a tentative recovery. Source: Investing.

Gold and stocks also moved higher. Volatility rose sharply in the minutes following the announcement, as reflected in a brief posting by TradingView on Twitter.

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